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Problem: Grape Corporation purchases a 25% interest in Orange Corporation on January 2, 2018, for $800. At that time, the carrying amount of Orange's net assets was $2,950. Any excess of the cost of the investment over Grape's share of Orange's carrying amount can be attributed to unrecorded intangibles with a useful life of 20 years. Orange declared and paid a dividend of $17 on October 20, 2018 and reported net income of $50 for its year ended December 31, 2018.
Required
1. Prepare Grape's 2018 entries to record all transactions and events related to the investment in its associate. Assume Grape is a publicly accountable enterprise that applies IFRS.
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